In the most recent year (2019), UPipe had an EBIT of $290 million. Depreciation was $58 million, increase in net working capital was $29 million and net capital spending was $72.5 million.

Over the next 4 years, EBIT is expected to grow by 20% per year, depreciation by 15% per year, capital expenditure by 25% per year and change in net working capital by 15% per year. The annual cash flow from assets is expected to grow by 2% per year after 2023.

The weighted average cost of capital is 13% and the average tax rate is 34%. The firm has $610 million of debt and 10 million shares outstanding.

Part1 : What was the cash flow from assets in 2019 (in $ million)?

Part 2: What is the expected cash flow from assets in 2023 (in $ million)?

Part 3: What is the terminal value in 2023 (in $ million)?

Part 4: What is the firm value today, at the beginning of 2020 (in $ million)?

Part 5: What is the stock price today?